45 installments • 84%
I completed my undergraduate studies at Kenyatta University in the year 2012 where I pursued a bachelor’s degree in Hospitality and Tourism Management. As a result, I developed an interest in starting an entrepreneurial practice in events and catering. In order to establish the business, I relocated to Diani which is a tourism hub but due to the demand in foodstuff in this area, I shifted my business idea into opening a cereals store. I sell legumes, pasta products, different types of rice among other types of cereals and I also give instructions to friends and neighbors on how to make different dishes since cooking is my favorite hobby.
My cereals store is located at Ukunda market, Diani. This location is convenient for my business especially since there is a constant demand for rice products and legumes by the locals who are dominant with Swahili culture famous for making rice dishes such as Biriani, Pilau and rice cakes. In addition, I supply the cereals to a few hotels and resorts in the region and I intend to continue searching for new tenders as a way of increasing the sales. My business has a competitive advantage as I sell my products at a cheaper price since I am able to get the cereals in bulk from the farmers, contrast to the local stores who depend on the intermediaries to get the stock. I need the loan to expand the store into both a wholesale and retail store and take maximum advantage of the available market.
My main idea started with establishing a cereals store both for retail and wholesale transactions. After giving it a thought, I decided to expand the shop to include fruits and vegetable and the customers have loved the idea since they buy everything they need without going to different shops. However, the fresh produce are highly perishable especially due to the coastal climate which is warm and humid throughout and this is a major problem. This is the reason why I need extra cash so that I can purchase a fridge for storing the fruits to keep the fruits and vegetables as fresh as possible. A medium fridge costs around 550 dollars and I have already saved a few dollars. The loan will help me with buying and installing the fridge and this is likely to increase my profits since I am currently incurring a lot of loses due to the perishability of the merchandise.
Nov 10, 2014
Cost to entrepreneur
Lender interest: $294.51 at 8.72% annual rate over 7 months = $16.23
Service fee: $6.80